I go through three processes when a new business idea is presented to me. Going through these processes enables me to decipher if the idea is worth investing in or not.
I listen, discuss and then investigate further.
A lot of information will be presented to you during the first stage or the listening process. There will be a list of uncertainties because the idea is nascent. Your role here is to take in as much data as possible. It is tempting to turn down the idea in this early stage because the idea will be presented with passion and thus, seem very risky.
The next stage is the discussion phase. Here, you’ll ask a lot of questions. If there are three or more people in the team, allow everyone to talk. Most of the risks that were spotted in the first stage are mitigated here. The result of this stage is that the idea is clearer.
After you have gone through the first two stages, most times, there will be items to investigate further. There may be grey areas left to still discuss. The team’s role in this third stage is to endeavour that those areas are explored and clarified.
It takes time to develop and implement a full-fledge business idea. You must have patience, be ready to work hard and possess the willingness to learn.
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